FOX Business’ Jeff Flock reports from the Celebrity Ford dealership in Toms River, where electric F-150s aren’t zipping away fast enough.
Ford Motor Co. said Tuesday it has cut the price of its Mustang Mach-E electric SUV by up to $8,100 after sales plummeted in January.
The lowest-priced Mach-E version of the 2023 model year from the second-largest U.S. automaker now has a suggested retail price of $39,895, up from $42,995. The high-end Mach-E GT version costs about $7,600 less, coming in at $52,395. Prices for other versions, including the range-extended premium version, drop by $8,100 to $48,895.
Ford Mustang Mach-E will be unveiled at the New York International Auto Show in Manhattan, New York City, USA on April 5, 2023. (Reuters/David Dee Delgado/Reuters Photo)
Ford said the price cuts are coming as the automaker “continues to adapt to the market to achieve the best combination of sales growth and customer value.”
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The Dearborn, Michigan-based automaker announced that U.S. Mach-E sales in January fell 51% to 1,295 units.
Ford’s corporate logo seen at the Brussels Motor Show in Belgium on January 9, 2020. (Reuters/François Renoir/Reuters Photo)
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| F | ford motor corporation | 12.25 | -0.05 | -0.41% |
The Mach-E ceased to qualify for a $3,750 tax credit on January 1, after the U.S. Treasury Department’s new battery procurement requirements aimed at moving electric vehicle supply chains away from China took effect. Many other models also lost their tax credits.
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The Treasury Department told Reuters last week that it had refunded about $135 million in consumer EV tax credit over-the-counter payments to auto dealers from the start of the year through February 6. The Internal Revenue Service has received more than 25,000 sales. The report includes more than 19,500 advance payment requests.
People look at Tesla’s Model Y SUV at the Tesla booth at the 6th China International Import Expo (CIIE) held at the National Exhibition and Convention Center in Shanghai, China, on November 6, 2023. ((Photo courtesy: VCG/VCG via Getty Images) / Getty Images)
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 193.76 | -6.19 | -3.10% |
Prices for Tesla’s Model Y crossover, which competes with the Mach-E, start at $42,990 before a $7,500 federal tax credit.
Elon Musk’s EV makers launched a price war early last year to stimulate demand and capture more market share.
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Ford and other traditional automakers are slowing their EV efforts to focus on higher-margin hybrid and gas-powered vehicles.
Ford announced in January that it would cut production of its F-150 Lightning pickup truck and reduce production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.
